Paragon® listings will soon feature three new sale statuses, offering clearer insight into the transaction lifecycle for members of BC Northern Real Estate Board, Chilliwack and District Real Estate Board, Fraser Valley Real Estate Board and Greater Vancouver REALTORS®, as well as their buyers and sellers.
Currently, the system only utilizes “Active” and “Sold,” lacking details about deal conditions or closure. But these status labels do not indicate where the listing really is in the process of being sold. Is there a conditional deal? Has the sale closed?
These new statuses, widely adopted in North America and used by associations like the Nova Scotia Association of REALTORS® and we are aware of plans for the Toronto Real Estate Board to release Pending/Closed statuses later this year.
The new statuses include:
1. “Active Under Contract” – This status can be used when a listing has an accepted offer but there are still subjects on the offer waiting to be removed. Members will have the ability to update their listing to this status themselves and it will be optional, pending a conversation between them and their Seller.
Access to use this status is only available to members who have Agent Modify access, or brokerages with Broker Load access.
NOTE: Responsibility for changing a listing from “Active” to “Active Under Contract” or vice-versa, rests solely with the member or Broker Load brokerage, Board staff will not be making these changes.
2. “Pending” – Replacing the current “Sold” status, this status will be applied to listings that have an accepted subject-free offer or once all subjects are removed.
3. “Closed” – Listings will automatically move to this status on the completion date. An automated email will be sent to the Listing and Selling brokerages a week before the completion date to alert the conveyancers of the upcoming completion and to request they notify sales@fvreb.bc.ca immediately if there is any change to the completion date.
The new workflow will look like this:
The new status categories will be available on Paragon® and Paragon® Collaboration Centre as well as on Virtual Office Websites (VOWs).
Implementation will take place between late May and early June. Watch for more information from the Board on this.
In preparation, we encourage members to apply for Agent Modify access. Currently, 88% of FVREB members have Agent Modify access. If you’re part of the remaining percentage without this access, please fill out the Agent Modify Access Authorization form on FVREB Connect. Remember, the form needs to be signed by the Member Link and submitted to the Board’s Membership Department at Membership@fvreb.bc.ca for processing.